What is the Difference Between Litecoin and Bitcoin

1. An amount of coins produced. Bitcoin network have and will reach the maximum of 21 millions coins, whereas that of litecoin has more than 75 million coins. This difference does not indicate that Litecoin is more ruburst than Bitcoin. Litecoin and Bitcoin have the same divisibility up to 8 decimal points.

2. Another difference in both coins is the transaction time. Bitcoin transaction confirmation time is about 10 minutes per transaction, while that of Litecoin is 2.5 minutes. This difference in the transaction time, however, does not indicate that Litecoin is better than Bitcoin, but actually, it depends on the block confirmation time by the miners and Bitcoin users.3. Obviously, Bitcoin have more users than Litecoin. In other words, the network slows down when there are a lot of users at a time.

4. Litecoin makes use of new Hash function known as Scrypt, while Bitcoin using the SHA-256. Both coins use Proof of Work as a “Mining” & Validation scheme. The process of confirming transactions requires substantial computing power to protect the network from hardware attack.

5. The downside is the mining machine, especially the FPGA & ASIC (Application Specific Integrated Circuit) will cost more which make mining more difficult and will push the price higher.